Quantbot Technologies LP Purchases 13,472 Shares of Frontline plc (NYSE:FRO)

Quantbot Technologies LP boosted its position in Frontline plc (NYSE:FRO) by 14.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 106,015 shares of the shipping company’s stock after acquiring an additional 13,472 shares during the quarter. Quantbot Technologies LP’s holdings in Frontline were worth $2,422,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FRO. Vanguard Group Inc. increased its position in Frontline by 5,319.5% in the 1st quarter. Vanguard Group Inc. now owns 5,292,977 shares of the shipping company’s stock valued at $123,750,000 after buying an additional 5,195,312 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its position in Frontline by 15.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 21,820 shares of the shipping company’s stock valued at $510,000 after buying an additional 2,905 shares in the last quarter. Tidal Investments LLC increased its position in Frontline by 12.9% in the 1st quarter. Tidal Investments LLC now owns 113,332 shares of the shipping company’s stock valued at $2,650,000 after buying an additional 12,992 shares in the last quarter. Virtu Financial LLC bought a new stake in Frontline in the 1st quarter valued at about $690,000. Finally, Cetera Advisors LLC increased its position in Frontline by 40.1% in the 1st quarter. Cetera Advisors LLC now owns 14,634 shares of the shipping company’s stock valued at $342,000 after buying an additional 4,187 shares in the last quarter. 22.70% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FRO shares. Fearnley Fonds raised Frontline to a “strong-buy” rating in a report on Friday, September 27th. StockNews.com raised Frontline to a “sell” rating in a report on Thursday, September 5th. BTIG Research raised Frontline from a “neutral” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Monday, October 7th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $26.00 price objective on shares of Frontline in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Frontline has a consensus rating of “Moderate Buy” and a consensus price target of $27.26.

Frontline Price Performance

FRO stock opened at $16.78 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 1.40. The business has a 50 day moving average of $21.18 and a 200-day moving average of $23.58. Frontline plc has a 12-month low of $16.47 and a 12-month high of $29.39.

Frontline (NYSE:FRO) last released its earnings results on Friday, August 30th. The shipping company reported $0.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.03). The business had revenue of $409.72 million during the quarter, compared to the consensus estimate of $383.88 million. Frontline had a net margin of 29.42% and a return on equity of 19.73%. During the same period in the prior year, the company earned $0.94 earnings per share. On average, sell-side analysts predict that Frontline plc will post 1.88 earnings per share for the current fiscal year.

Frontline Company Profile

Frontline plc, a shipping company, engages in the seaborne transportation of crude oil and oil products worldwide. It owns and operates oil and product tankers. As of December 31, 2022, the company operated a fleet of 70 vessels. It is also involved in the charter, purchase, and sale of vessels. The company was founded in 1985 and is based in Limassol, Cyprus.